Yes I am confused as well I went for a presentation in Miami for Westgate and decided not to buy and they gave me option to buy a week with Westgate, so I paid for days in a 2 bedroom, when I got here they said if I do not purchase property, I would have to sign over my equity to resort. Didn't know the money I paid was setting in a bank gaining equity, unsure what is going on
Well, your belated revelation of the word "Westgate" provides some unfortunate but helpful insight. Those people would say / do just about anything
to make a sale.
All bets are off when slimy, deceitful Westgate Weasels are involved, so I can only speculate. My admittedly unsubstantiated theory follows:
It sounds like you pre-paid to stay at a Westgate property, maybe at "discounted" rate because you likely agreed under signature to attend a "presentation" (sales pitch).
If you had been foolish enough to actually purchase a timeshare from these parasites, through some smoke and mirrors / "magic math" your payment would surely be either "subtracted" or maybe suddenly called a "down payment" toward a grossly inflated price, developer-direct purchase.
IMnsHO, use of the word "equity" on their part was likely inaccurate, inappropriate and deliberately misleading. Forget that you ever actually heard it spoken.
The good news here seems to be that you were very wise (...so far) not
to purchase from Westgate; congratulations on dodging that horrific and expensive bullet.
The bad news here is that whatever you pre-paid in that "package" is almost certainly gone and gone forever. Call it a wash, count your blessings and run away
P.S. As Jim wisely suggests in the post directly below, do not
presented to you by these lying parasites. They will attempt to smooth talk you, cajole you, keep you off balance and confuse you. I hope that your "price-lock agreement" was not actually a thinly disguised sales contract masquerading as something else.
Even if so, state law still allows you to cancel any such developer-direct purchase contract within a limited
and very specific time period identified by individual state law (you have mentioned Miami; the applicable Florida state law cancellation period is 10 days from contract execution).